Veteran commodity trader Peter Brandt has suggested that the price of Bitcoin (BTC) could drop by as much as 75%. The 77-year-old based his warning on the observation that in the past, Bitcoin experienced major corrections whenever it failed to reach a new all-time high (ATH) within 30 weeks of its previous peak. Could Historical...Read More
In a post on X on Aug. 6, CryptoQuant head of research, Julio Moreno, reported that the on-chain analytics firm’s ‘Bull-Bear Market Cycle Indicator’ has flagged a bear phase for the first time since January 2023. The move follows a massive market rout that resulted in around $500 billion being wiped out in less than...Read More
Bitcoin’s price troubles seem to have no ending as the asset kept plunging on Monday morning and fell to its lowest price position since late February of $53,000. This means that BTC has lost about $17,000 since last Monday, making it one of the worst weekly performances in its 15-year history. CryptoPotato has repeatedly reported...Read More
The cryptocurrency space, alongside most risk-on assets like stocks, plummeted hard on Friday amid reports about the dire conditions of the US economy. However, BTC and the altcoins were harmed even during the weekend due to their ability to be traded 24/7. BTC slipped below $60,000 for the first time in weeks, which prompted questions...Read More
Andrew Kang, founder of Mechanism Capital, predicted that over 98% of altcoins have already peaked for the current cycle. He noted that only a select few coins might see new highs in late 2024 to early 2025, with meme coins likely to make up most of the coins with the potential to reach new highs....Read More
The crypto market has faced a massive correction over the past month – and new investors are proving incapable of stomaching the volatility. Blockchain data show that 2024 Bitcoin buyers, who entered a raging early-year bull market in which Bitcoin (BTC) surged to a new all-time high, are now panic selling at a loss as...Read More
Is the Bitcoin bear market already starting to rear its head? One new piece of market data suggests this could be the case. As of Monday, Bitcoin is entering what could be its fifth negative weekly close in a row. Historically, Bitcoin has never closed five consecutive weeks in the red outside of a bear...Read More
Since the bear market in 2022, bitcoin (BTC) has witnessed substantial pullbacks, losing up to 23% of its value on some occasions. Understanding the depth of these declines could help investors maximize their returns, as rebounds from these drops usually yield substantial gains. According to a tweet by crypto trader and analyst Rekt Capital, accumulating...Read More
Bitcoin (BTC)’s massive gains this year have done little to bring crypto day traders back into the market, according to data provided by Bitstamp. Since the start of the year, retail training volume on the exchange’s US platform has grown to 35% from 33%, while global retail volume has only risen from 8% to 9%....Read More
The chilling winds of crypto winter continue to sting projects, prompting several of them to take a hard look at downsizing or ceasing operations entirely. A decentralized content-sharing and publishing platform – LBRY – is the latest one to succumb to the market condition. The company behind the LBRY blockchain said that “there is no...Read More
According to the blockchain data platform Glassnode, the total number of Bitcoin addresses owning 1,000 BTC or more has plunged to its 2019 levels. The entity revealed that currently, there are just 1,997 addresses holding over $26.4 million worth of the primary cryptocurrency (calculated at current prices). 📉 #Bitcoin $BTC Number of Addresses Holding 1k+...Read More
While some people believe that the prolonged crypto winter is near its end, this is not the case with Messari’s CEO – Ryan Selkis. He thinks the market could suffer an additional blowback in the near future, arguing that the current situation is worse than the one observed in 2019. Selkis took it to X...Read More
The 70th edition of a weekly report by cryptocurrency exchange Bitfinex revealed that digital asset funds are seeing large outflows as investors lose confidence in the market. According to the paper, crypto funds have experienced the most significant outflows since March, as the U.S. Securities and Exchange Commission (SEC) continues to delay the long-awaited spot...Read More
On Aug. 28, MN Trading CEO and founder Michaël van de Poppe said the current bear market is relatively comparable to what we’ve witnessed in 2015. He added that it was essentially a period of sideways action, where the faith in crypto is slowly getting lost too, “despite the fact of solid fundamental growth.” The...Read More
CoinSwitch – an Indian cryptocurrency exchange backed by the financial giant Andreessen Horowitz (a16z) – has reportedly trimmed its team by 44 people, representing 7% of the total workforce. Another local digital asset organization that recently announced similar amendments is CoinDCX, which laid off 12% of its employees. What is the Reason? According to a...Read More
The leading cryptocurrency miner – Argo Blockchain – has reportedly decreased its debt to $75 million during the first half of the year. In comparison, it owed $143 million at the end of June 2022. The company also managed to reduce overall costs and expenses. However, revenue in H1 was significantly less than the one...Read More
While many believe the 2022 bear market is over, bitcoin recently dumped further south, and now some analysts are speculating that the asset could fall to lows unseen for years. The metrics that could forecast this are the Volume Weighted Average Price (VWAP) and the Volume Profile Visible Range (VPVR). Recall that BTC became the...Read More
On Aug. 3, CEO and founder of MN Trading, Michaël van de Poppe, reported on the current state of the crypto market and the lengthening crypto winter. Altcoin investors are slowly losing faith in the markets as they are still not moving at all, he said. Furthermore, altcoin markets have been trending downwards since May...Read More
Circle – the company behind the leading stablecoin USDC – has reportedly trimmed its staff in a bid to reinforce its balance sheet. Thus, it joined the likes of numerous crypto-related firms that laid off team members during the prolonged bear market to cope with the decreasing investor interest. Some examples are the exchanges Coinbase,...Read More
H.C. Wainwright, a leading New York investment bank, has notified its investors that crypto winter is finally over. Furthermore, crypto lending platforms that have been able to weather the storm will be uniquely poised to profit from a likely future hype train – chief among them being Coinbase. Scarcity Drives Value In the words of...Read More
In an abrupt turn of events, peer-to-peer Bitcoin marketplace Paxful has closed its doors indefinitely after a number of internal conflicts and regulatory troubles were brought to light. The company’s CEO Ray Youssef is now recommending that users of the marketplace migrate to other marketplaces like Noones. The End of Paxful Per a statement from...Read More
On March 14, the bank Anchorage Digital announced the layoff of 20% of its workers due to the crypto winter and regulatory uncertainty in the US. According to the official statement, the departure of 75 of its employees (approximately 20% of its team) is necessary to focus its resources on other essential processes. This is...Read More
The London-based fintech company that allows cryptocurrency trading – Revolut – saw a 33% spike in its revenue in 2022, said the firm’s CFO. Its positive results come in spite of the crypto market decline last year and the overall unfavorable macroeconomic conditions. A ‘Strong Momentum’ Mikko Salovaara – Revolut’s CFO – revealed to Reuters that...Read More
Silvergate Capital Corporation – a California-based financial institution that focuses on cryptocurrencies – said it won’t be able to submit its annual report scheduled for March 16. It also outlined some of its main problems, hinting it might struggle to continue the normal course of its operations. As a response, the firm’s shares dumped by...Read More
The venture capital firm focused on cryptocurrencies – Digital Currency Group (DCG) – reportedly marked a loss of $1.1 billion last year. Some of the primary reasons for the downfall were the collapse of the crypto market and the bankruptcy of its subsidiary – Genesis. DCG – a crypto conglomerate shuttered by scandals and the...Read More
Messari – a leading provider of blockchain research and data analysis based in South Korea – added its name to the long list of crypto-focused companies that axed their workforce due to the harsh macroeconomic environment. It laid off 15% of its staff, believing this was the right step for the long run. Ryan Selkis...Read More
DBS Digital Exchange (DDEx), the crypto trading subsidiary of the Singapore banking giant DBS Group Holdings, witnessed exponential growth in bitcoin trading last year despite the winter that wiped out billions of dollars from the market. According to the report from Bloomberg, the exchange recorded an 80% increase in Bitcoin trade volume compared to the...Read More
Terrence A. Duffy, chairman and CEO of leading derivatives marketplace Chicago Mercantile Exchange (CME), disclosed that his company has noticed some growth in demand for its crypto products since November. During a recent interview with CNBC’s Closing Bell, Duffy made the revelation when he was asked about the state of institutional demand for its Bitcoin...Read More
According to figures provided by Messari, the decentralized digital platform – Tron – made a revenue of $47.9 million in the last quarter of 2022, a 25% increase compared to Q3. The entity also recorded a surge of average active daily addresses and average daily transactions. Better Results Despite the FTX Collapse In its most...Read More
Michael Demissie, the head of digital assets at Wall Street powerhouse Bank of New York Mellon (BNY Mellon), has disclosed that investors are still very interested in the digital asset space amid the bear market. According to a Reuters report, Demissie believes cryptocurrencies are here to stay as investors have not lost interest in the...Read More
